Quarterly history
AUM ($B)fundS&P 500(gap = α)/ Flow in/out
Behavior signals (lifetime)
Dip response
-17.01%
trims when stocks drop
when a holding falls −10%+
Middle response
+0.58%
steady accumulation
Rally response
-9.00%
trims into rallies
when a holding rises +10%+
Top positions · 4
| Ticker | $ value | % port | YoY | Hold time |
|---|---|---|---|---|
| YMMFull Truck Alliance Co. | $183M | 89.0% | -35.0% | 4.5 yr |
| IBITiShares Bitcoin Trust ET | $13M | 6.4% | — | 2.0 yr |
| ETHAiShares Ethereum Trust E | $7M | 3.4% | — | 0.8 yr |
| GOOGAlphabet Inc. | $3M | 1.3% | +84.3% | 0.3 yr |
Portfolio composition (YoY)
Industry mix
Software - Application89.0%-0.3pp$183M
Asset Management9.8%+2.5pp$20M
Internet Content & Information1.3%$3M
Country
CN89.0%-0.3pp
US11.0%+3.8pp
Top 5: 100.0% · Top 10: 100.0% · Top 25: 100.0%
Top buys this quarter · 1
| GOOG Alphabet Inc.new | +$3M |
Top sells this quarter · 1
| PDD PDD Holdings Inc.exit | −$3M |
Quarterly history (TTM returns)
| Period | AUM | # Pos | Return (1yr) | SPY (1yr) | Alpha (1yr) | Flow |
|---|---|---|---|---|---|---|
| 2026-03-31 | $206M | 4 | -34.59% | +17.59% | -52.18% | -0.00B |
| 2025-12-31 | $268M | 4 | +0.20% | +17.72% | -17.52% | -0.00B |
| 2025-09-30 | $327M | 4 | +40.94% | +17.52% | +23.42% | -0.00B |
| 2025-06-30 | $298M | 3 | +42.13% | +14.94% | +27.18% | -0.00B |
| 2025-03-31 | $324M | 3 | +72.73% | +8.30% | +64.43% | +0.00B |
| 2024-12-31 | $273M | 3 | +48.46% | +24.89% | +23.58% | -0.01B |
| 2024-09-30 | $244M | 3 | +30.32% | +36.04% | -5.71% | -0.07B |
| 2024-06-30 | $280M | 4 | +34.67% | +24.49% | +10.18% | -0.00B |
| 2024-03-31 | $251M | 3 | -1.54% | +29.62% | -31.16% | -0.00B |
| 2023-12-31 | $247M | 3 | -7.72% | +26.18% | -33.90% | -0.03B |
| 2023-09-30 | $268M | 3 | +9.93% | +21.57% | -11.64% | -0.00B |
| 2023-06-30 | $233M | 3 | -30.84% | +19.42% | -50.27% | -0.05B |
| 2023-03-31 | $350M | 3 | +14.83% | -7.82% | +22.65% | +0.01B |
| 2022-12-31 | $360M | 4 | +22.50% | +7.56% | +14.94% | -0.00B |
| 2022-09-30 | $294M | 3 | -27.64% | -4.93% | -22.71% | -0.00B |
| 2022-06-30 | $410M | 3 | +36.24% | -16.11% | +52.35% | -0.04B |